Tesis: "And Financial Management"

1

Pfaff, Donovan. "Financial supply chain management /". [S.l. : s.n.], 2007. http://www.gbv.de/dms/zbw/558860591.pdf.

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2

Laurent, Marie-Paule. "Essays in financial risk management". Doctoral thesis, Universite Libre de Bruxelles, 2003. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/211221.

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3

Lacaria, Chris J. "Financial management of construction contractors". Thesis, Monterey, California. Naval Postgraduate School, 1994. http://hdl.handle.net/10945/25945.

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The scope of this paper is to discuss the financial management of a construction contractor. This paper attempts to approach this subject in a logical and systematic way. It communicates the importance of financial analysis and planning along with cash planning and profit planning. This report is not intended to be an all inclusive discussion of financial management in construction. Contractor's Financial Management is an extremely important subject. It has been told that a large percentage of bankrupt contractors were profitable at the time of their failure, but due to their poor financial management failure resulted. Good financial management looks at past history of the company as well as planning for its future. Management needs to understand the basics of why they are making or losing money.

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4

Liao, Chuan. "Essays in International Financial Management". The Ohio State University, 2010. http://rave.ohiolink.edu/etdc/view?acc_num=osu1264946797.

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5

Maren, Vanessa <1997&gt. "Diversity Management impact on financial and non-financial organizations’ performance". Master's Degree Thesis, Università Ca' Foscari Venezia, 2022. http://hdl.handle.net/10579/21875.

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The purpose of this thesis is to discuss the Diversity Management strategy applied inside the context of an organization. The concept of diversity is in fact always more relevant in a multicultural and globalized society like the one in which we live today, that represents diverse cultures, values, conditions and ways of thinking characterizing the population. For this reason, the objective of the discussion is to understand how to implement a good diversity strategy in order to value differences and to create inclusiveness in the workplace between employees; and secondly to understand if there is effectively an impact in term of business performance given by the valorization of these differences. The analysis is principally focused on the development and implementation of the Diversity Management strategy and then on the measurement of the impact given by the strategy in term of business performance. Performances in this sense are considered both as financial and non-financial performance, due to the social function that every organization has in the context in which it is located. The commitment in themes like diversity in fact give the possibility to achieve fundamental results, encouraging equal education, equal economic condition and opportunities between people, endorsing institutional policies and regulations, underling in this way the corporate responsibility related to social sustainable goals. This aspect could be a challenge and an occasion to organizations in order to improve their value and their outcomes. Consequently, the second chapter of the thesis is concentrated on the importance given by the communication about Diversity Management practices and results, in particular considering the non-financial reports and the Corporate Social Responsibility, which affect stakeholders’ perception, and in particular customers, investors and employees’ reputation. In this part, a relevant role will be done to the development of a communication framework useful to link Diversity Management to Sustainable Development Goals and the measurement of relative results. Finally, the last part of the thesis is instead focused on business cases, analyzing the way in which companies develop Diversity Management Strategy, the way in which they communicate their objectives and results and which are effectively the outcomes obtained by the strategy.

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6

Sievert, Kristin E. "Control and management tasks within family financial management systems". Online version, 1998. http://www.uwstout.edu/lib/thesis/1998/1998sievertk.pdf.

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7

Fairhurst, Douglas J. "Financial Flexibility and Short-Term Financing Needs: Evidence from Seasonal Firms". Diss., The University of Arizona, 2014. http://hdl.handle.net/10150/316777.

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Firms that face seasonal demand account for an important fraction of the U.S. economy. However, there is surprisingly little evidence on these firms' financing decisions. Yet, studying these decisions provides a natural setting to shed light on the types of capital (i.e. cash or debt) that firms use to manage short-term financing needs. Using seasonal firms as a setting to examine this issue, I show that seasonal financing needs are met with debt with low exposure to information asymmetry, such as short-term debt and trade credit. I further show that cash reserves, which have high carrying costs and can at time lead to agency problems, are not used for seasonal financing needs. Further, as financial flexibility theory would predict, I document that seasonal firms maintain more conservative financial policies to increase the ability to use debt for short-term financing needs. Specifically, seasonal firms are less levered and have long-term debt with a longer average maturity. Further, seasonal firms adjust toward leverage targets slower during fiscal quarters when debt is used for short-term financing. Overall, my findings indicate that firms minimize costs associated with short-term financing needs by using debt with low issuance costs and the use of this debt impacts the overall capital structure of the firm.

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8

Mashyanova, E. "Financial management: make pollution prevention pay". Thesis, Вид-во СумДУ, 2006. http://essuir.sumdu.edu.ua/handle/123456789/11694.

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9

Abryutina, A. V. "Financial management of firm's innovation activity". Thesis, Sumy State University, 2014. http://essuir.sumdu.edu.ua/handle/123456789/45226.

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In modern informational society and dynamic business environment innovation is the only factor which can sustain long-run growth of certain country under the influence of global development gap, rapidly changing customer needs, high level of market competition. Besides it not only governments but more and more firms are realizing the importance of innovation to gain competitive advantage. Obviously, they are engaging themselves in various innovative activities, ranging from manufacturing processes, product improvement, and brand building initiatives. Firms are creating new products, solutions and services that provide a radically better experience for the consumers.

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10

Gueye, Djibril. "Some contributions to financial risk management". Thesis, Strasbourg, 2021. http://www.theses.fr/2021STRAD027.

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Cette thèse traite différentes questions liées à la gestion quantitative des risques financiers. Nous nous intéressons, dans une première partie, aux modèles de temps de défaut en risque de crédit dans le cadre de la théorie de grossissement de filtrations. Nous proposons des modèles où le temps de défaut peut coïncider avec des instants de chocs économiques. D’abords, nous étendons le modèle de Jiao et Li (2018) dans le cas où les chocs ne sont pas prévisibles en étudiant les caractéristiques du temps de défaut. Nous présentons ensuite le modèle de Cox généralisé qui est une extention de celui de Lando (voir Lando, 1998). Nous proposons une large gamme d’exemples pour ullistrer notre construction. La seconde partie porte sur la construction de surfaces de volatilités des actifs financiers sous la condition d’absence d’opportunité d’arbitrage (AOA) en utilisant les méthodologies de krigeage (où la regression par processus Gaussien). Notre approche consiste á mettre en œuvre l’apprentissage du krigeage sur les prix d’options européennes en respectant les conditions de non-arbitrage. Ces conditions sont caractérisées par des contraintes de forme sur les prix, à savoir la monotonicité dans la direction des maturités et la convexité dans la direction des strikes. Etant donné que ces contraintes correspondent à un nombre fini d’inégalités linéaires, nous adoptons une technique de krigeage sous contraintes d’inégalités linéaires. Nous utilisons, pour cela, la méthode d’eveloppée par Maatouk et Bay (2016) qui est basée sur l’approximation fini-dimensionnelle du processus Gaussien. L’algorithme de Monte Carlo Hamiltonien de Pakman et Paninski (2014) sera utilisé pour simuler les coefficients Gaussiens. Nous proposons une méthode de calcul du Maximum a Posteriori (MAP) du processus Gaussien. Nous comparons notre méthode avec celles des réseaux de neuronne contraints et des SSVI
This thesis deals with various issues related to quantitative management of financial risks. We are interested, in a first part, in the models of default time in credit risk within the framework of enlargement of filtrations theory. We propose models where the default time can coincide with some instants of economic shocks. We first extend the model of Jiao and Li (2018) in the case where the shocks are not predictable by studying the characteristics of the default time. Secondly, we present the generalized Cox model which is an extension of Lando's (see Lando, 1998). We offer a wide range of examples to ulistate our construction. The second part deals with the construction of volatility surfaces of financial assets under the condition of no arbitrage opportunity (AOA) using kriging methodologies (or Gaussian process regression). Our approach consists in learning kriging on European option prices by taking into account non-arbitrage conditions. These conditions are characterized by shape constraints on prices, namely monotonicity in the direction of maturities and convexity in the direction of strikes. Since these constraints correspond to a finite number of linear inequalities, we adopt a kriging technique under constraints of linear inequalities. For this, we use the method developed by Maatouk and Bay (2016) which is based on the finite-dimensional approximation of the Gaussian process. The Monte Carlo Hamiltonian algorithm of Pakman and Paninski (2014) will be used to simulate the Gaussian coefficients. We propose a method for calculating the Maximum a Posteriori (MAP) of the Gaussian process. We compare our method with those of constrained neural networks and SSVIs

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11

Smalley, Joseph Allen. "An integrated approach to financial management". Diss., Virginia Polytechnic Institute and State University, 1988. http://hdl.handle.net/10919/77840.

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The various components of financial structure management are usually discussed in isolation with little concern for the other components. A unified model of financial structure management bridging these components has not yet been developed. This dissertation seeks to establish such an underpinning by combining Miller and Orr's cash management model with contemporary corporate finance theory, and is able to address a wide range of questions while retaining a comprehensible format. I simulate the proposed strategy to show the consequences of implementation, and to provide hypotheses about the behavior of financial variables characterizing the firm as a result of implementing this strategy.
Ph. D.

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12

Laffont, Amandine Claire-Marie. "Debt management of non-financial corporations". Thesis, Imperial College London, 2012. http://hdl.handle.net/10044/1/9172.

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Debt management is of high importance for financial professionals and is a complex managerial decision, since the uncertainty of business cashflows may undermine the availability of financing, stress business operations and diminish future growth prospects. Whilst the management of corporate debt has sparked much interest and been widely discussed in the academic literature, none of the existing theories address this problem comprehensively. This thesis considers debt management decisions in non- financial corporations; it tests empirically various existing theories, establishes several stylised facts regarding funding decisions and contributes to the current research by exploring the influence of industry specific factors, financial intermediates and market conditions on debt management. Using U.S. data at the company level, the first study explores the variation of debt maturity across industry. Also, using both European bond and loan aggregate data, the second and third studies are the first ones, which highlight the impact of financial intermediates on both debt issuance and debt maturity timing strategies. The present work therefore offers both a cross-sectional overview of debt management and an analysis of its dynamics over time. The results indicate that (i) in addition to firm's characteristics, the cross-sectional variation of debt maturity can be explained by industry specific factors, which are not captured in the existing literature, (ii) that the agency cost hypothesis appears to be irrelevant for large cap firms, therefore giving more weight to the maturity-matching principle and the signaling hypothesis in explaining debt maturity structure, (iii) that managers tend to time their credit borrowing spread when they issue bonds and switch to the loan market during high interest rate periods, therefore contradicting earlier claims that interest rate timing explains time-series variations of debt issuance and (iv) that while corporates debt maturity mirror government debt maturity when directly placed debt is considered, financial intermediates act as a barrier to corporate debt maturity timing strategy.

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13

Wang, Mulong. "Financial derivatives in corporate risk management". Access restricted to users with UT Austin EID, 2001. http://wwwlib.umi.com/cr/utexas/fullcit?p3036610.

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14

Zhang, Kefan 1957. "Factors affecting financial resources management behaviors". Thesis, The University of Arizona, 1989. http://hdl.handle.net/10150/277107.

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This study was carried out with the purpose of discovering what factors are predictive of money management behavior; Plan, Implement, and Evaluative Feedback. The data used in this study was subset data collected during 1988, under the NC-167 project entitled "Family Resource Utilization as a Factor in Determining Economic Well Being of Rural Families". Three hundred and seven financial managers in families from Arizona completed and returned the questionnaire used in this study. It was found that (1) the power money attitude, the inadequacy money attitude, and gender were predictor variables of plan behavior; (2) the inadequacy money attitude and age were predictor variables of evaluative feedback.

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15

Hall, Jonathan. "Digitalization of Facility Management : Financial Incentives". Thesis, KTH, Fastigheter och byggande, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-236766.

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The digital reality is within this current moment debated and something that affects people. Upcoming years in real estate in general, it will be crucial of developments within the industry concerning digital solutions. The processes, business and approaches that have affected an industry for a very long time are changing in its foundations. Owning a property or managing an object in the coming years in an increasingly digitized world will bring new types of demands on organizations that intend to participate in the development. For a long time, digitization has existed as a concept seeming exciting and interesting. Smart devices have taken a larger part of time through telephones, televisions and likewise. Banking processes have evolved through phones and other digital tools to provide new variations of banking services. Airports have developed digital check-in services, which mean that you are actually virtually on the plane before you arrive at the airport. The development of these banking and tourism services changes the market and companies have been able to take part of the market by providing new solutions. In development and innovation, there is a term used repeatedly, the idea of a “disruptive innovation”. More explicitly, a new innovation that destroys the previously functioning market. As a concrete example, the previously well-functioning camera - today largely exchanged for the digital camera. Or the previously mentioned development of banks and flight processes. It has previously been functioning markets, however, these new processes and innovations have eliminated earlier working solutions by performing better. The study investigates possibilities closer if there are potential "disruptive innovations" in facility management and digital key control. The thesis has been focusing on the consequences of digital keys by using a model to analyse the impact on work in a future process. The physical key is one of the most ancient innovations that have been refined and developed over the centuries. With the new digital reality, it may be possible to find a new process that create better functions.
Kommande år i fastighetsförvaltning i allmänhet kommer det att vara avgörande för utvecklingen inom industrin med digitala lösningar. De processer, affärer och tillvägagångssätt som har påverkat en bransch under en mycket lång tid är på väg att förändras i grunden. Äga en fastighet eller förvalta ett objekt de närmaste åren i en alltmer digitaliserad värld kommer att medföra nya typer av krav på organisationer som avser att delta i utvecklingen och vara aktuell på marknaden. Under lång tid har digitalisering funnits som ett koncept som synes spännande och intressant. Smarta enheter har tagit en större del av tiden via telefoner, tv-apparater och liknande. Bankprocesser har utvecklats genom telefoner och andra digitala verktyg för att ge nya variationer av banktjänster. Flygplatser har utvecklat digitala incheckningstjänster, vilket innebär att du faktiskt är på planet innan du kommer till flygplatsen. Utvecklingen av dessa bank- och turismtjänster förändrar marknaden och företagen har kunnat ta del av marknaden genom att erbjuda nya lösningar. Inom utveckling och innovation finns det ett begrepp vilket används återkommande, en idé om en ”disruptive innovation”. Mer explicit, att en ny innovation förstör den tidigare fungerande marknaden, där det konkreta exemplet är den tidigare väl fungerande kameran vilken idag i stor omfattning är utbytt till den digitala kameran. Eller den tidigare nämnda utvecklingen av bank och flygprocesser. Det har tidigare varit fungerande marknader, dock har nya processer och innovationer slagit ut tidigare fungerande lösningar. I det här arbetet har möjligheterna undersökts närmre ifall det går att finna potentiella ”disruptive innovations” inom fastighetsförvaltning. Den fysiska nyckeln är en utav de mest antika innovationerna som genom årtusenden och århundranden har förfinats och utvecklats. Med den nya digitala verkligheten kan det vara möjligt att finna en ny process vilken fungerar på ett bättre sätt.

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16

Schaumburg, Julia. "Quantile methods for financial risk management". Doctoral thesis, Humboldt-Universität zu Berlin, Wirtschaftswissenschaftliche Fakultät, 2013. http://dx.doi.org/10.18452/16675.

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In dieser Dissertation werden neue Methoden zur Erfassung zweier Risikoarten entwickelt. Markrisiko ist definiert als das Risiko, auf Grund von Wertrückgängen in Wertpapierportfolios Geld zu verlieren. Systemisches Risiko bezieht sich auf das Risiko des Zusammenbruchs eines Finanzsystems, das durch die Notlage eines einzelnen Finanzinstituts entsteht. Im Zuge der Finanzkrise 2007–2009 realisierten sich beide Risiken, was weltweit zu hohen Verlusten für Investoren, Unternehmen und Steuerzahler führte. Vor diesem Hintergrund besteht sowohl bei Finanzinstituten als auch bei Regulierungsbehörden Interesse an neuen Ansätzen für das Risikomanagement. Die Gemeinsamkeit der in dieser Dissertation entwickelten Methoden besteht darin, dass unterschiedliche Quantilsregressionsansätze in neuartiger Weise für das Finanzrisikomanagement verwendet werden. Zum einen wird nichtparametrische Quantilsregression mit Extremwertmethoden kombiniert, um extreme Markpreisänderungsrisiken zu prognostizieren. Das resultierende Value at Risk (VaR) Prognose- Modell für extremeWahrscheinlichkeiten wird auf internationale Aktienindizes angewandt. In vielen Fällen schneidet es besser ab als parametrische Vergleichsmodelle. Zum anderen wird ein Maß für systemisches Risiko, das realized systemic risk beta, eingeführt. Anders als bereits existierende Messgrößen erfasst es explizit sowohl Risikoabhängigkeiten zwischen Finanzinstituten als auch deren individuelle Bilanzmerkmale und Finanzsektor-Indikatoren. Um die relevanten Risikotreiber jedes einzelnen Unternehmens zu bestimmen, werden Modellselektionsverfahren für hochdimensionale Quantilsregressionen benutzt. Das realized systemic risk beta entspricht dem totalen Effekt eines Anstiegs des VaR eines Unternehmens auf den VaR des Finanzsystems. Anhand von us-amerikanischen und europäischen Daten wird gezeigt, dass die neue Messzahl sich gut zur Erfassung und Vorhersage systemischen Risikos eignet.
This thesis develops new methods to assess two types of financial risk. Market risk is defined as the risk of losing money due to drops in the values of asset portfolios. Systemic risk refers to the breakdown risk for the financial system induced by the distress of individual companies. During the financial crisis 2007–2009, both types of risk materialized, resulting in huge losses for investors, companies, and tax payers all over the world. Therefore, considering new risk management alternatives is of interest for both financial institutions and regulatory authorities. A common feature of the models used throughout the thesis is that they adapt quantile regression techniques to the context of financial risk management in a novel way. Firstly, to predict extreme market risk, nonparametric quantile regression is combined with extreme value theory. The resulting extreme Value at Risk (VaR) forecast framework is applied to different international stock indices. In many situations, its performance is superior to parametric benchmark models. Secondly, a systemic risk measure, the realized systemic risk beta, is proposed. In contrast to exististing measures it is tailored to account for tail risk interconnections within the financial sector, individual firm characteristics, and financial indicators. To determine each company’s relevant risk drivers, model selection techniques for high-dimensional quantile regression are employed. The realized systemic risk beta corresponds to the total effect of each firm’s VaR on the system’s VaR. Using data on major financial institutions in the U.S. and in Europe, it is shown that the new measure is a valuable tool to both estimate and forecast systemic risk.

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17

Lowther, Dwain Eldred. "Customer relationship management: A financial perspective". CSUSB ScholarWorks, 2004. https://scholarworks.lib.csusb.edu/etd-project/2694.

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This paper focuses on methods for financial institutions to perform precise customer level analysis to anticipate customers' evolving financial needs and maximize the lifetime value of each customer relationship. The paper proposes software packages that analyze customer relationship management from a financial perspective.

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18

Genin, Adrien. "Asymptotic approaches in financial risk management". Thesis, Sorbonne Paris Cité, 2018. http://www.theses.fr/2018USPCC120/document.

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Cette thèse se propose de traiter de trois problèmes de gestion des risques financiers en utilisant différentes approches asymptotiques. La première partie présente un algorithme Monte Carlo d’échantillonnage d’importance pour la valorisation d’options asiatiques dans des modèles exponentiels de Lévy. La mesure optimale d’échantillonnage d’importance est obtenue grâce à la théorie des grandes déviations. La seconde partie présente l’étude du comportement asymptotique de la somme de n variables aléatoires positives et dépendantes dont la distribution est un mélange log-normal ainsi que des applications en gestion des risque de portefeuille d’actifs. Enfin, la dernière partie, présente une application de la notion de variations régulières pour l’analyse du comportement des queues de distribution d’un vecteur aléatoire dont les composantes suivent des distributions à queues épaisses et dont la structure de dépendance est modélisée par une copule Gaussienne. Ces résultats sont ensuite appliqués au comportement asymptotique d’un portefeuille d’options dans le modèle de Black-Scholes
This thesis focuses on three problems from the area of financial risk management, using various asymptotic approaches. The first part presents an importance sampling algorithm for Monte Carlo pricing of exotic options in exponential Lévy models. The optimal importance sampling measure is computed using techniques from the theory of large deviations. The second part uses the Laplace method to study the tail behavior of the sum of n dependent positive random variables, following a log-normal mixture distribution, with applications to portfolio risk management. Finally, the last part employs the notion of multivariate regular variation to analyze the tail behavior of a random vector with heavy-tailed components, whose dependence structure is modeled by a Gaussian copula. As application, we consider the tail behavior of a portfolio of options in the Black-Scholes model

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19

Nikoci, Besjana <1989&gt. "Stress Testing for Financial Risk Management". Master's Degree Thesis, Università Ca' Foscari Venezia, 2015. http://hdl.handle.net/10579/6935.

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The complexity and duration of the financial crisis has led many banks and authorities to question the adequacy of stress testing practices prior to the crisis and their efficiency to cope with rapidly changing circumstances. Stress testing is a process to identify and manage situations that could cause extraordinary losses and it is an important risk management tool that is used by banks as part of their internal risk management. Majority of models make assumptions that do not hold in abnormal markets. Therefore, stress tests are vital for a comprehensive picture of risk. In this thesis we will be introducing basics of stress-testing and elaborate on its models and methodologies.

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20

Mashoka, Tareq Zaki. "Earnings management and loss reversal". Thesis, Brunel University, 2010. http://bura.brunel.ac.uk/handle/2438/4619.

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This research aims to detect and measure earnings management using a newly modified version of the standard Jones model (Jones, 1991). The standard model is extended to include a measure of discretionary accruals as an additional regressor instead of using the residuals. The variable used to measure discretionary accruals is a composite variable that consists of two components, one that represents the incentive and the other represents the tool of manipulation. The model is applied to detect earnings management in loss reversal companies for listed companies in Jordan and examine the market reaction to the loss reversal. The model is also applied on loss reversal companies for listed companies in the UK and the US. In chapter three, the new model is applied on listed companies in Amman Stock Exchange (ASE). The ASE is structured into two markets: the first market and the second market. Companies are motivated to be listed or remain listed in the first market since it only lists profitable companies. Companies reporting losses more frequently are listed in the second market. Results provide evidence of earnings management for companies listed in the first market. Companies that report a loss in a previous period manipulate in the following period to report profits. As a result of loss reversal, they preserve their place in the first market and avoid dropping back to the second market. This research conducts statistical simulation tests to compare the extended Jones model with the standard model. Results show that the extended model detects earnings management better than the standard one. This new model also separates discretionary accruals from measurement error (i.e. residuals) and makes it possible to accurately measure the whole amount of manipulation. Chapter four examines the investor reaction to the manipulation taking place in the first market. Results show that the market is pricing the discretionary accruals (the manipulation) as a component of net income, although they result only from earnings management. In chapter five, the model is applied on loss reversal firms listed in the UK and in the US. Results show that the companies manipulate to reverse losses and the manipulation depends on to the presence of R&D activities and the changing level in these activities.

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21

Moretto, Edoardo <1993&gt. "Financial Reporting and Management Accounting: can Management Accounting provide support and value for a high quality Financial Reporting?" Master's Degree Thesis, Università Ca' Foscari Venezia, 2019. http://hdl.handle.net/10579/14830.

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In modern financial systems economic-financial information to the market is assuming an essential role in increasing market efficiency and in satisfying the investors's and istitutions's information need. Actually, financial information is the essential foundation of financial market operating mechanism since the role of such communication allows the reinforcement of relations between the enterprises and the financial system, through a faithful representation of business capabilities. It is the internal basic accounting system that keeps track of all the business activities. It is divided into two main specialized branches that share a common information base and process the basic accounting data in order to generate financial statements, reports, analysis or forecasts required by decision makers. Accounting information, which can be divided in two main streams, Financial Accounting (FA) and Management Accounting (MA), serves different purposes and is used by audiences with different needs. This work focuses on the relationship between FA and MA and on how there has been substantial convergence in the last years between these two areas of activities performed by enterprise orgsnizations. Particularly for some international accounting principles, it can be noticed how the accounting information and analysis techniques of MA can be useful or, in some cases, necessary for the purpose of providing informative elements for the correct application of the IFRS: - IAS 36: Impairment of Assets. - IFRS 8: Operating segments. This research allows to observate how, in the financial dislosures relating to IFRS 8 and IAS 36, a good deal of information provided by the above accounting standards has either a forward-looking perspective, making reference to managerial estimations of the future cash flows relating to the assets under evaluation, or a business segment perspective. With financial statements prepared according to applicable accounting standards, the management communicates the firm's financial position and the performance achieved to the market. Market operators recognize that a higher quality financial communication can be pursued through an integration of the different types of report, provided by Financial Accounting, prepared according to International Financial Reporting Standards and based on FA systems, and Managerial Accounting, represented by scientific and statistical methods aimed at supporting decision-making and based on MA systems. This work focuses on relationships and differences between the two types of accounting, FA and MA, by comparing their purposes and their structure as well as analysing the current trend towards a stronger convergence and intergation between them. Notwithstanding this trend, FA and MA differ to each other in several ways. While shareholders, creditors and regulators use publicly reported financial accountancy information, only managers within the organization use the normally confidential MA information. MA is mostly focused on the future and characterized by a stronger presence of prospective information, while FA information are historical and provided on the base of applicable accounting principles. The contemporary digital era provides new means to satisfy different customer needs and to allow new and flexible methods to run business operations through collaboration and networks. On this regard this work contains a section focused on how IT technologies influenced and enabled convergence and integration of FA and MA. The importance of a well structured MA system in order to accomplish a high quality FA information, is of the utmost evidence when IAS 36 and IFRS 8 are taken into consideration. In the last part of the work, a sample of 3 Italian listed companies, Autogrill SpA, Luxottica SpA and Fincantieri SpA is analyzed in order to study the informative quality of their financial statements disclosures in the light of the requirements provided by the above accounting standards.

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22

Paltalidis, Nikolaos. "Essays on applied financial econometrics and financial networks : reflections on systemic risk, financial stability & tail risk management". Thesis, University of Portsmouth, 2015. https://researchportal.port.ac.uk/portal/en/theses/essays-on-applied-financial-econometrics-and-financial-networks(3534970d-eeba-4748-9812-d18430925664).html.

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The global crisis of 2008 challenged the functioning of the financial markets. In the aftershock era numerous repercussions were felt throughout the world, resulting from a plethora of cross-border and cross-entity interdependencies. An initially systemic banking crunch – where cash strapped banks stopped lending, liquidity abruptly dried up, and credit conditions deteriorated – metastasized into a sovereign debt crisis in the euro area which devastated public finances and provoked higher sovereign default risk. Motivated by the intensity, the magnitude and the speed with which shocks propagate in the entire financial system, this thesis presents five essays on applied financial econometrics and financial networks which examine, model and investigate: i) systemic risk and the resilience of the banking industry via employing financial networks and entropy maximization; ii) the role of credit derivatives and the two-way feedback ramification, triggered by government interventions, on financial stability; iii) the symptoms of acute liquidity withdrawal in emerging markets; iv) a Bayesian three state switching regime approach to price financial assets; v) tail risk management with portfolio asymmetries and asset monotonic volatility. More precisely, in Chapter three the Maximum Entropy method is employed to capture systemic risk, the resilience of the banking system in Europe and the propagation of financial contagion in a dynamic financial network framework. As conditions deteriorate, three channels (interbank loan, sovereign, asset-backed loan) trigger severe direct and indirect losses and cascades of defaults, whilst the dominance of the sovereign credit risk channel amplifies, as the primary source of financial contagion in the banking network. Systemic risk within the northern euro area banking system is less apparent, while the southern euro area is more prone and susceptible to bank failures. By modelling the contagion path the results demonstrate that the euro area banking system insists to be markedly vulnerable and conducive to systemic risks, implying that there is a need for additional policies to increase the resilience of the sector. Moreover, the thesis develops a Markov-Switching Bayesian Vector Autoregression (MSBVAR) model in Chapter four to study the two-way feedback hypothesis between credit default swaps and the role of government interventions on financial stability. The results demonstrate that a rise in sovereign debt due to the countercyclical discretionary fiscal policy measures, is perceived by stock markets as a catastrophe on economic growth prospects. Interestingly, government interventions in the banking sector deteriorate the credit risk of sovereign debt, whilst higher risk premium required by investors for holding riskier government bonds depresses the sovereign debt market, and attenuates the collateral value of loans, leading to bank retrenchment. The ensuing two-way banking-fiscal feedback loop indicates that government interventions do not necessarily stabilize the banking sector. Furthermore, the thesis employs several copula functions and the Extreme Value theory in Chapter five, to estimate and quantify joint downside risks and the transmission of shocks in emerging currencies, evolving from domestic emerging stock markets, liquidity (banks’ credit default swaps), credit risk (Volatility Index) and growth (commodity prices) channels. The models measure the time-varying shock spillover intensities to ascertain a significant increase in cross-asset linkages during periods of high volatility which is over and above any expected economic fundamentals, providing strong evidence of asymmetric investor induced contagion, triggered by cross asset rebalancing. The critical role of the credit crisis is amplified, as the beginning of an important reassessment of emerging market currencies which lead to changes in the dependence structure, a revaluation and recalibration of their risk characteristics. Additionally, the thesis employs a Markov-switching vector autoregression (MSVAR) model to capture the transmission of shocks from stock, commodity and credit markets to four shipping indices in Chapter six. By estimating the impulse response functions (IRF), the model identifies the episodes and documents the existence of three regimes and directional spillovers between low, intermediate and high volatility regimes. The estimation results obtained using a Gibbs sampler indicate that the S&P 500, the S&P GSCI, Banks’ CDS and the VIX behave as channels which transform and spread the risk to the shipping market with the propagation of shocks. Interestingly, higher risk premium that is required by investors for holding financial assets depresses the shipping market substantially. Finally, several copula functions are employed to model tail dependence during periods of extreme, asset monotonic volatility and reverse portfolio asymmetry conditions between shipping, stock, commodity and credit markets in Chapter seven. The findings reveal that shocks in the shipping market coincide with dramatic changes in other markets and document the existence of extreme co-movements during severe financial conditions. Lower tail dependence exceeds conditional upper tail dependence, indicating that during periods of economic turbulence, dependence increases and the crisis spreads in a domino fashion, causing asymmetric contagion which advances during market downturns. In the post crisis period the level of dependence drops systematically and shipping assets become more pronouncedly heavy-tailed in downward moves. According to the estimated results accelerated decreases in commodities and prompt variations in volatility, provoke accelerated decreases and function as a barometer of shipping market fluctuations. The global financial crisis has profoundly shaped modern finance. This thesis examines the prominent role of the crisis in financial markets, provides important implications for understanding systemic and liquidity risk, for analysing policies designed to mitigate financial contagion, and for capturing the fluctuations of emerging currencies and financial assets during distress economic conditions.

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23

Styles, Mikala. "A Financial Epidemic: How Financial Literacy Affects College Students’ Financial Management Practices and the Debt Crisis in America". Digital Commons @ East Tennessee State University, 2018. https://dc.etsu.edu/honors/444.

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Debt levels are rising significantly in America. More and more people are accumulating debt in the forms of mortgages, student loans, credit cards, and car loans. Basic financial principles such as saving, budgeting, investing, and paying bills are not being utilized consistently by the average individual. This is because of financial illiteracy. The vast majority of Americans do not have the basic knowledge and understanding of these financial concepts to adequately put them into practice in their daily lives. This study focuses on the levels of college students’ financial literacy, how that pertains to the rising debt crisis, and explores potential solutions to these problems.

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24

Sadalla, Marco Antonio V. (Marco Antonio Vieira). "An overview of potential financial bubbles in the US financial markets". Thesis, Massachusetts Institute of Technology, 2013. http://hdl.handle.net/1721.1/81012.

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Thesis (M.B.A.)--Massachusetts Institute of Technology, Sloan School of Management, 2013.
Cataloged from PDF version of thesis.
Includes bibliographical references (p. 94-97).
Financial bubbles have presented a challenge for the financial markets for a long time and caused steep losses for many investors. This thesis has two main goals relating to financial bubbles. The first is to try to determine if it is possible to find out if a financial bubble is forming. To accomplish that, the economic theories that govern bubble formation and burst are analyzed and the models that exist to predict bubble formation are discussed. A new model is suggested and is applied in the US financial markets to determine if any of the asset classes are currently risking the development of a bubble. This analysis suggests that one asset class is likely to be developing a bubble and this thesis further discusses this asset class. The second objective of this thesis is to suggest alternatives that prudent investors could introduce to protect themselves from some of the worst consequences of bubbles. This thesis will suggest models inspired by completely different industries: the air transportation industry with its high safety standards; the oil industry with its long-term planning; and the socially responsible investment industry, with its self-regulatory structure.
by Marco Antonio V. Sadalla.
M.B.A.

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25

Zou, Lin. "Essays in financial economics and risk management". Thesis, [College Station, Tex. : Texas A&M University, 2007. http://hdl.handle.net/1969.1/ETD-TAMU-1476.

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26

Graf, Mario. "Financial Risk Management State-of-the-Art /". St. Gallen, 2005. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/01665710001/$FILE/01665710001.pdf.

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27

Ballard, Mavourneen W. "Corporate policy management for a financial organization". [Denver, Colo.] : Regis University, 2006. http://165.236.235.140/lib/MBallard2006.pdf.

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28

Ewers, Robin B. "Enterprise Risk Management in Responsible Financial Reporting". Thesis, Walden University, 2017. http://pqdtopen.proquest.com/#viewpdf?dispub=10637579.

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Despite regulatory guidelines, unreliable financial reporting exists in organizations, creating undue financial risk-harm for their stakeholders. Normal accident theory (NAT) identifies factors in highly complex integrated systems that can have unexpected, undetected, and uncorrected system failures. High-reliability organization (HRO) theory constructs promote reliability in complex, integrated systems prone to NAT factors. Enterprise risk management (ERM) integrates NAT factors and HRO constructs under a holistic framework to achieve organizational goals and mitigate the potential for stakeholder risk-harm. Literature on how HRO constructs promote ERM in responsible integrated financial systems has been limited. The purpose of this qualitative, grounded theory study was to use HRO constructs to identify and define the psychological factors involved in the effective ERM of responsible organizational financial reporting. Standardized, open-ended interviews were used to collect inductive data from a purposeful sample of 13 reporting agents stratifying different positions in organizations that have maintained consistent operational success while attenuating stakeholder risk-harm. The data were interpreted via transcription, and subsequent iterative open, axial, and narrative coding. Results showed that elements of culture and leadership found in the HRO construct of disaster foresightedness and mitigation fostered an internal environment of successful enterprise reporting risk management to ethically achieve organizational goals and abate third-party stakeholder risk-harm. The findings will contribute to positive social change by suggesting an approach for organizations to optimize strategic objectives while minimizing stakeholders’ financial risk-harm.

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29

O'Neil, Meganne Ross. "Teaching modules for small business financial management". Master's thesis, This resource online, 1991. http://scholar.lib.vt.edu/theses/available/etd-02162010-020108/.

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30

Siyi, Zhou. "Essays on financial and insurance risk management". Thesis, Imperial College London, 2012. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.586894.

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This thesis conducts several empirical analyses of important issues in modern quantitative risk management The first exercise examines the joint distribution of changes in agency credit ratings. We estimate both intra- and inter-industry correlations using Maximum Likelihood techniques. The analysis is performed unconditionally and then conditional on de-trended GDP. The latter estimates may be used for macro stress testing in which the credit quality of a portfolio is simulated conditional on a hypothesized future path of real output. Following the financial crisis, banks and regulators are increasingly relying on stress tests to understand portfolio risk. Particularly important has been macro stress testing in which the effects of macroeconomic scenarios on bank portfolios are traced through. The second exercise builds on Pesaran, Schuermann, and Weiner (2004) in devising and implementing macro stress testing techniques for a bank credit portfolio. In contrast to this and earlier studies, richer dependencies of credit market conditions on macroeconomic variables are developed. Specifically, the model allows sovereign ratings, the credit quality of corporate credit exposures (categorized by rating and maturity) and credit spreads to be driven by macroeconomic developments The challenges in understanding enterprise-wide risk are exacerbated when very different financial organizations are combined. The third exercise devises a unified framework for analysing risk in bancassurance organizations and employs this to examine the diversification benefits of conglomerates involving general insurance and traditional banking.

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31

Murphy, Steven B., Derrick L. Clark, Steven B. Murphy y Derrick L. Clark. "Financial management in a joint field environment". Thesis, Monterey, California. Naval Postgraduate School, 2004. http://hdl.handle.net/10945/9910.

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MBA Professional Report
Approved for public release, distribution is unlimited
MBA Professional Report
Approved for public release, distribution is unlimited
This MBA professional report highlights the FM challenges that comptroller's encounter in the joint field environment, identifies sources of payment inefficiencies and recommends solutions to reduce those inefficiencies, thus addressing the issue of improving foreign contract payments by comptrollers in the field. Problem disbursements during Operation Desert Storm yielded $54 million dollars in mismanaged funds for the U.S. Army alone. With the continued emphasis on joint operations, the comptroller must effectively manage funds obligated to various Department of Defense (DoD) activities. The research involved in this endeavor includes doctrine and policy review, interviews with various DoD comptrollers and a case study of exercise Cobra Gold 2002 budget execution and contractual payments at the joint organization level. Cobra Gold is an excellent example of a large-scale joint and combined operation in a foreign country; it provides a great opportunity to analyze the research question. This professional report concludes that field comptrollers cannot adequately meet fiscal responsibilities without comparable garrison IT connectivity and recommends that all of the U.S. services procure systems that are fully interoperable to best support the warfighter. This report is primarily intended for field comptrollers with limited joint field experience to make them aware of the uniqueness that exists in joint operations.
This MBA professional report highlights the FM challenges that comptroller's encounter in the joint field environment, identifies sources of payment inefficiencies and recommends solutions to reduce those inefficiencies, thus addressing the issue of improving foreign contract payments by comptrollers in the field. Problem disbursements during Operation Desert Storm yielded $54 million dollars in mismanaged funds for the U.S. Army alone. With the continued emphasis on joint operations, the comptroller must effectively manage funds obligated to various Department of Defense (DoD) activities. The research involved in this endeavor includes doctrine and policy review, interviews with various DoD comptrollers and a case study of exercise Cobra Gold 2002 budget execution and contractual payments at the joint organization level. Cobra Gold is an excellent example of a large-scale joint and combined operation in a foreign country; it provides a great opportunity to analyze the research question. This professional report concludes that field comptrollers cannot adequately meet fiscal responsibilities without comparable garrison IT connectivity and recommends that all of the U.S. services procure systems that are fully interoperable to best support the warfighter. This report is primarily intended for field comptrollers with limited joint field experience to make them aware of the uniqueness that exists in joint operations.

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32

Kiyohara, Dean M. "Financial management training for Navy ashore commands". Thesis, Monterey, California. Naval Postgraduate School, 1990. http://hdl.handle.net/10945/37524.

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Approved for public release, distribution is unlimited
This thesis discusses the formal training courses and programs which are currently available to Operations and Maintenance, Navy (O&M,N) funded ashore command financial management accounting and budgeting personnel. It examines and analyzes the importance of training programs which are neded to meet the job responsibilities of financial management accounting and budgeting personnel. In addition, the thesis reviews the current working environment of Navy ashore financial management personnel. The results of the research indicates a lack of formal Navy financial management training courses, insufficient numbers of qualified instructors and the need for additional financial management training materials. The study identifies recommendations for specific problem areas and recommends a financial management curriculum review.

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33

Lu, I.-Chen (Jennifer). "Robust portfolio management with multiple financial analysts". Thesis, Loughborough University, 2015. https://dspace.lboro.ac.uk/2134/18045.

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Portfolio selection theory, developed by Markowitz (1952), is one of the best known and widely applied methods for allocating funds among possible investment choices, where investment decision making is a trade-off between the expected return and risk of the portfolio. Many portfolio selection models have been developed on the basis of Markowitz's theory. Most of them assume that complete investment information is available and that it can be accurately extracted from the historical data. However, this complete information never exists in reality. There are many kinds of ambiguity and vagueness which cannot be dealt with in the historical data but still need to be considered in portfolio selection. For example, to address the issue of uncertainty caused by estimation errors, the robust counterpart approach of Ben-Tal and Nemirovski (1998) has been employed frequently in recent years. Robustification, however, often leads to a more conservative solution. As a consequence, one of the most common critiques against the robust counterpart approach is the excessively pessimistic character of the robust asset allocation. This thesis attempts to develop new approaches to improve on the respective performances of the robust counterpart approach by incorporating additional investment information sources, so that the optimal portfolio can be more reliable and, at the same time, achieve a greater return.

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34

Lightfoot, Geoffrey. "Financial management and small firm owner-managers". Thesis, Kingston University, 1998. http://eprints.kingston.ac.uk/20617/.

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This study investigates financial management and small firms through considering some of the financial concepts that are used by owner-managers, their meanings and the relationships between them. At the same time, it examines the contexts through which these concepts are given meaning - how, for example, the business, the owner-manager and the environment have to be constituted for the concepts to have the meanings they are given. Particular attention is given to the rhetorical constructions that allow the emplacement of certain financial management procedures in small firms to the exclusion of others. In this it differs from existing research into small firms which the study depicts as being locked in to a paradigm of 'best practice' that has both unflatteringly compared procedures in small firms with an idealisation of practices in large firms and proceeded to quantify difference rather than attempt to explain it. The study used discourse analysis procedures to examine two key areas: pricing and cashflow management. From this a number of conclusions are offered as to owner-managers' organisation of their businesses. The principal findings are fourfold. Owner-managers are able to create and manage the interplay between formal accounting procedures with both informal knowledge about the business and wider moral and social conventions in ways that blur such distinctions and emphasise both personal authority and business legitimacy. Secondly, the study shows that as this informal knowledge is often grounded in the owner-manager, ownership and knowledge derived from ownership help define the owner-manager's authority in such a way that external advice is made of limited use or irrelevant. Third, value in the business is revealed as both movable and reflexive. Owner-managers use the prices that they set, for example, as a measure of their own worth and of wider status considerations. Finally, the flexibility in the use of formal and informal knowledge allows the owner-manager freedom to define some areas as calculable (and so subject to 'rational' decision-making) and others 'unknowable' (and thus subject to personal, subjective relationships). As the future is typically rendered 'unknowable' this both allows different treatments of suppliers and customers and helps explain issues such as why owner-managers apparently resist blandishments to increase their planning activities.

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35

Nguyen, Tat Thang. "Corporate diversification, firm value and financial management". Thesis, University of Leeds, 2013. http://etheses.whiterose.ac.uk/6315/.

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The objective of this thesis is to investigate the influence of corporate diversification on firm value and financial management. The first study in the thesis examines whether and how organisational learning from diversification experience affects the crosssectional variation of the value of diversified firms. Three main findings are reported: first, a U-shaped relationship between diversification value and diversification experience is identified; second, greater similarity in industries between diversifications results in a higher diversification value. Finally, the relationship between the value of diversification and the temporal interval between diversifications forms an inverted Ushaped curve. In an extended analysis, external learning from the experience of others is shown to affect diversification value in a cubic pattern. While investigating cross-sectional distribution of diversification value is an increasingly common approach to the topic, research on the average value effect of diversification remain important in the literature. The second study directly investigates the effect of diversification on investor wealth. By adopting a novel portfolio simulation approach, the study shows that investing in portfolios of diversified firms provides a higher return and lower risk than investing in portfolios of specialised firms. Further analysis, however, shows that these benefits from corporate diversification can be better achieved by shareholders’ self-diversified portfolios. This finding implies that corporate diversification may not be necessary for shareholders’ benefit. The final analysis in the study provides evidence that firm diversification is more likely motivated by the managerial risk preferences. The relationship between diversification and firm value may be explained by the diversification effects on firm operations. Researchers often relate diversification discount to wasteful spending by diversified firms. The third study examines financial management in diversified firms by looking at how these firms adjust their cash flows. More specifically, following the findings of Duchin (2010) and Subramaniam, Tang, Yue and Zhou (2011) that diversified firms hold significantly less cash than specialised firms, the study investigates how diversified firms manage their cash flows to achieve this lower cash balance. The study finds that diversified firms have a higher free cash flow (as a result of having similar operating cash flow but lower investing cash flow), and a lower financing cash flow compared to specialised firms. More particularly, it shows that diversified firms issue less debt and pay out more dividends, relative to specialised firms. The study also provides evidence of the active role of internal capital markets in a firm’s financial management. Collectively, three major conclusions can be withdrawn. First, learning from both internal and external diversification experience has a significant effect on the value of diversification. Second, investing in portfolios of diversified firms generates better results than does investing in portfolios of specialised firms. Thus, the conventional wisdom in the literature that diversification destroys shareholder wealth may not be wholly correct. Third, the findings that diversified firms have similar operating cash flow, lower investing cash flow, higher dividends and lower cash holdings do not indicate that such firms have overinvestment problems.

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36

Iefymenko, T. "Innovative financial management of human capital development". Thesis, Київський національний університет технологій та дизайну, 2019. https://er.knutd.edu.ua/handle/123456789/14492.

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37

Momotenko, I. "Financial management: should we pollute or not?" Thesis, Вид-во СумДУ, 2009. http://essuir.sumdu.edu.ua/handle/123456789/17154.

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Data on environmental economics in general, and the internalization of environmental costs, together with information on damage costs, costs benefit analysis and the result of cost benefit studies will show how the total benefits of a clean environment. A primary aim would be to establish a closer working relationship between financial managers and accountants, on the one hand, and project and environmental engineers within the corporation. When you are citing the document, use the following link http://essuir.sumdu.edu.ua/handle/123456789/17154

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38

Кобушко, Ігор Миколайович, Игорь Николаевич Кобушко, Ihor Mykolaiovych Kobushko y Victoria Lymar. "Financial-economic mechanism of management an enterprise". Thesis, Видавництво СумДУ, 2007. http://essuir.sumdu.edu.ua/handle/123456789/7987.

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39

Abbas, Sawsan. "Statistical methodologies for financial market risk management". Thesis, Lancaster University, 2010. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.547964.

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40

Borden, Lynne y DenYelle Baete Kenyon. "Family Financial Management -- Planning for the Future". College of Agriculture and Life Sciences, University of Arizona (Tucson, AZ), 2004. http://hdl.handle.net/10150/156897.

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41

Borden, Lynne y DenYelle Baete Kenyon. "Family Financial Management -- Interventions Following a Disaster". College of Agriculture and Life Sciences, University of Arizona (Tucson, AZ), 2004. http://hdl.handle.net/10150/157199.

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42

Ben, Hadj Saifeddine. "Essays on risk management and financial stability". Thesis, Paris 1, 2017. http://www.theses.fr/2017PA01E003/document.

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La thèse analyse la question de la stabilité du système financier international dans son ensemble et plus précisément comment améliorer sa résilience. Chaque chapitre se focalise sur un type d'acteur dans ce système complexe, à savoir les banques, les organismes de supervision et les régulateurs internationaux. Le premier chapitre introduit de nouvelles techniques d'optimisation pour accélérer le calcul de mesure de risque dans les banques et les institutions financières. Il propose également une étude théorique pour valider les algorithmes d'optimisation proposés. Le second vise à quantifier l'externalité négative générée par les activités d'une banque ou d'une d'institution financière. Finalement, le dernier chapitre concerne la coopération entre régulateurs nationaux en présence de coûts de coordination en proposant une analyse qui s'appuie sur la théorie des jeux
We first investigate the computational complexity for estimating quantile based risk measures, such as the widespread Value at Risk for banks and Solvency II capital requirements for insurance companies, via nested Monte Carlo simulations. The estimator is a conditional expectation type estimate where two stage simulations are required to evaluate the risk measure: an outer simulation is used to generate risk factor scenarios that govern price movements and an inner simulation is used to evaluate the future portfolio value based on each of those scenarios. The second essay considers the financial stability from a macro perspective. Measuring negative externalities of banks is a major challenge for financial regulators. We propose a new risk management approach to enhance the financial stability and to increase the fairness of financial transactions. The basic idea is that a bank should assume as much risk as it creates. Any imbalance in the tails of the distribution of profit and losses is a sign of the bank's failure to internalize its externalities or the social costs associated with its activities. The aim of the third essay is to find a theoretical justification toward the mutual benefits for members of a bonking union in the context of a strategic interaction model. We use a unique contagion dynamic that marries the rich literature of game theory, contagion in pandemic crisis and the study of collaboration between regulators. The model is focused toward regulating asset classes, not individual banks. This special design addresses moral hazard issues that could result from government intervention in the case of crisis

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43

Rossetto, Silvia. "Optimal timing of strategic financial decisions". [Amsterdam] : Amsterdam : Thela Thesis ; Universiteit van Amsterdam [Host], 2002. http://dare.uva.nl/document/64688.

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44

Newberry, Susan Margaret. "New Zealand's Public Sector Financial Management System: Financial Resource Erosion in Government Departments". Thesis, University of Canterbury. Accountancy, Finance and Information Systems, 2002. http://hdl.handle.net/10092/862.

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New Zealand's public sector reforms have been hailed as a model of theoretical consistency and coherence. The associated financial management reforms, known internationally as new public financial management (NPFM), were world-leading although they are no longer unique. The underlying nature and intent of public sector reforms have been the subject of considerable debate internationally. Early public sector reforms openly sought privatisation, often on ideological grounds. However, in the face of gathering public opposition, public discussion of privatisation softened. NPM and NPFM have been promoted instead mainly on more pragmatic grounds such as improving public sector performance. In New Zealand, the Public Finance Act 1989 is the key legislation underpinning the financial management reforms. The Act delegates regulatory powers to the Treasury and, over time, a considerable body of secondary regulation, including accounting rules, has been developed. However, this secondary regulation, and its contribution to the success or otherwise of the public sector reforms, has not been examined in detail to date. In 1999, New Zealand s Controller and Auditor-General suggested that the financial management system erodes government departments resources and that somehow this resource erosion escapes parliamentary scrutiny. The Treasury, on the other hand, defended the foundations of the financial management system as solid, arguing that retention of the existing framework would allow further and faster progress towards improved performance and value-for-money than would be achieved by a new set of reforms. This debate prompts questions whether and, if so, how and why a financial management system, ostensibly implemented to improve the performance and accountability of the public sector, could be linked to such effects, and whether parliamentary scrutiny is indeed avoided. This thesis examines the secondary regulation and explains the development of the financial management system with the intention of answering those questions. The analysis undertaken in this thesis suggests that New Zealand's public sector financial management system fabricates the conditions under which privatisation initiatives might be accepted for pragmatic reasons. The erosion of departments financial resources is an essential mechanism in that fabrication process. As this system has developed, the time available for parliamentary scrutiny has reduced and the Controller and Auditor-General s controller function has been eroded, while the control and discretion exercised within the Treasury has increased. Arguably, these developments have helped to conceal the system s privatising intent. The thesis identifies features of the financial management system used to rationalise the financial resource-eroding processes. It also notes that if New Zealand's financial management system is no longer unique, then other NPFM systems may contain a similar combination of features.

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45

Aas, Roar. "Risk management using derivatives". Thesis, Heriot-Watt University, 1993. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.262000.

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46

Neis, Eric. "Three essays in financial economics". Diss., Restricted to subscribing institutions, 2006. http://proquest.umi.com/pqdweb?did=1158520261&sid=1&Fmt=2&clientId=1564&RQT=309&VName=PQD.

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47

Sun, Yang Ph D. Massachusetts Institute of Technology. "Essays in financial economics". Thesis, Massachusetts Institute of Technology, 2015. http://hdl.handle.net/1721.1/108220.

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Thesis: Ph. D., Massachusetts Institute of Technology, Sloan School of Management, 2015.
Cataloged from PDF version of thesis.
Includes bibliographical references (pages 157-163).
This thesis consists of three essays in corporate finance and capital markets. The first chapter estimates the effect of competition from low-cost index funds on fees in the money management industry. A difference-in-differences analysis exploiting the staggered entry of index funds finds that while actively managed funds sold directly to retail investors reduce fees by six percent, those sold through brokers increase fees by four percent. Additionally, actively managed funds, especially closet indexers, shift away from holding the index portfolio. The paper proposes a price-discrimination model to illustrate that the effect of low-cost passive fund competition depends on market segmentation. Beyond the price competition effect, the entry creates a selection effect that isolates the least-price-sensitive investors in the broker channel and results in a price increase for this group. Repeating the study using the entry of exchange-traded funds reveals similar but stronger finding. Overall, the results shed light on why aggregate mutual fund fees decline slowly despite increased competition from lower-cost passive alternatives. The second chapter, joint with Jean-Noel Barrot, examines the effects of imperfect investor risk adjustment on the behavior of mutual fund managers. We exploit a natural experiment when a major fund rating company changed its rating methodology. While in the old system, all equity funds were compared with one another in one pool, in the new algorithm, funds become compared within narrow peer groups. This algorithm revision increases the ability of retail investor to compare funds based on risk-adjusted returns, and it has an important impact on the fund mangers' compensation. The sensitivity of retail fund flows to systematic returns is eliminated. Using institutional funds as a control for retail funds in a difference-in-differences analysis, we find that this revision reduces fund managers risk taking behavior, in particular for funds in the categories that had biased low ratings ex-ante. The third chapter, joint with Carola Frydman and Eric Hilt, documents the dividend policy of firms in the United States during the first three decades of the twentieth century. This period features severe information asymmetry between insiders and outsiders, while other factors that could affect the payout policy were relatively muted. In the years surrounding World War I, industrial firms increased their payout ratios and dividends became less sticky. The new industrial firms listed on the NYSE in the 1920s had the best fit with the Lintner (1956) model and these firms refrained from committing to sticky dividend policy. Consistent with the asymmetric information theory, the market reacted positively to dividend increase announcements, especially to those made by the new industrials, and reacted negatively to dividend cuts.
by Yang Sun.
The effect of index fund competition on money management fees -- The effect of investor risk adjustment on fund manager incentives -- Dividend policy in the early twentieth century United States.
Ph. D.

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48

Chen, Chyi-Mei. "Essays on financial economics". Thesis, Massachusetts Institute of Technology, 1992. http://hdl.handle.net/1721.1/13148.

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49

Mitton, Todd V. (Todd Victor) 1966. "Essays in financial economics". Thesis, Massachusetts Institute of Technology, 2000. http://hdl.handle.net/1721.1/8807.

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Thesis (Ph.D.)--Massachusetts Institute of Technology, Sloan School of Management, 2000.
Includes bibliographical references.
The thesis consists of three essays dealing with corporate governance in an international context. The first essay is entitled "A Cross-Firm Analysis of the Impact of Corporate Governance on the East Asian Financial Crisis." In a sample of 399 firms from Indonesia, Korea, Malaysia, the Philippines, and Thailand, cross-firm differences in variables related to corporate governance had a significant impact on firm performance during the East Asian financial crisis of 1997- 1998. Higher outside ownership concentration led to significantly better stock price performance during the crisis, but higher managerial ownership concentration had no significant effect on performance. This may indicate that the presence of an outside lock holder can mitigate expropriation of minority shareholders, but that managers with significant holdings can resist this effect. Diversified firms performed significantly worse than focused firms during the crisis. On average, single-segment firms emerged from the crisis trading at a premium of over 20% relative to diversified firms with which they were equally valued prior to the crisis. The relative loss in value for diversified firms was due primarily to the performance of firms with high variation in investment opportunities across divisions, suggesting that cross-subsidization of divisions may have been a source of the value loss. Variables indicative of higher disclosure quality are associated with significantly better performance during the crisis. Having an ADR and having an auditor from a "Big Six" accounting firm had separate positive effects on firm performance. Firms with both indicators came out of the crisis valued at a premium of over 50%, on average, relative to firms without these indicators with which they were equally valued prior to the crisis. Taken as a whole, the results provide some evidence at the micro level that poor corporate governance contributed to the depth of the East Asian financial crisis. The second essay is entitled "The Performance of Politically Favored Firms in the East Asian Financial Crisis: Evidence from Malaysia." Malaysia presents an interesting opportunity to study the impact of political favoritism on firm performance during the East Asian crisis. Favoritism runs along two dimensions in Malaysia. Firms are favored based on the ethnicity of their owners as well as through personal relationships with key government officials. I find that the stock price performance of firms favored based on ethnicity was significantly better than the performance of non-favored firms during the crisis. However, the performance of firms favored through personal connections was significantly worse than the performance of non-connected firms. The evidence does not suggest that the relative loss for connected firms was driven by excessive leverage or inherent operating inefficiencies. Rather, the evidence suggests that the performance difference was driven by changes in the expected value of benefits for politically favored firms. The third essay is entitled "Do Agency Problems Affect Dividend Policy? Firm-Level Evidence from Around the World." The "outcome" agency model of dividends (La Porta, Lopez-de-Si lanes, Shleifer, and Vishny (LLSV (2000)) yields two key empirical predictions. First, dividend payouts will be higher among firms in which agency problems are less severe. Second, a negative relationship between growth opportunities and dividend payouts will be stronger among firms in which agency problems are less severe. LLSV (2000) use country-level measures of legal protection as a proxy for lower agency costs, and find empirical support for both predictions. I build on these findings by using firm-level measures indicative of the severity of agency problems. The proxies I employ are based on the cross-listing of firms in the U.S., the quality of accounting disclosure, diversification across industries, and the presence of a large outside shareholder. In a sample of 3,385 firms across 32 countries, I also find empirical support for both predictions of the outcome model.
by Todd V. Mitton.
Ph.D.

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Ru, Hong Ph D. Massachusetts Institute of Technology. "Essays in financial economics". Thesis, Massachusetts Institute of Technology, 2015. http://hdl.handle.net/1721.1/98607.

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Thesis: Ph. D., Massachusetts Institute of Technology, Sloan School of Management, 2015.
Cataloged from PDF version of thesis.
Includes bibliographical references.
This thesis considers three empirical essays on financial economics. The first chapter examines the effect of government credit on firm investment, employment, debt, profitability, and survival by using unique data from the China Development Bank (CDB). I explore the different effects of various types of government credit (credit to infrastructure vs. credit to state-owned enterprises (SOEs)). I also trace the effect of government credit across different levels of the supply chain. I find that CDB SOE industry loans crowd out private firms in the same industry but crowd in private firms in downstream industries. I also find private firms benefit from CDB infrastructure loans. I use the exogenous timing of municipal political leaders' turnover as an instrument for CDB loans to cities. The second chapter, joint with Antoinette Schoar, analyzes pricing and advertising strategies of credit card offers. We show that credit cards which have reward programs have lower regular APR but rely more heavily on backward loaded and more hidden payment features. Issuers target different reward programs at different types of the population: Programs such as miles, cash back and points are offered to richer and more educated customers, while low intro APR offers are offered to poorer and less educated customers. Our results also suggest that card features that are mainly demanded by sophisticated consumers cannot be shrouded and need to be priced upfront. Finally, using shocks to the credit worthiness of customers, we show that card issuers rely more heavily on backward loaded credit terms when customers are more protected. The third chapter studies the effects of privatization on both SOEs and privately-owned firms in China. Using political turnover as an instrument variable for privatization, I find that after privatization, the productivity of SOEs and private firms increases by 50% and 100%, respectively. Moreover, every 100 workers got fired by SOEs come with a 169 increase from private firms' hiring in the same industry and same province. I also find that politicians' fixed effect on SOEs is significant. Moreover, corrupt politicians make SOEs less efficient but more powerful in the market.
by Hong Ru.
Ph. D.

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Tesis sobre el tema "And Financial Management"

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